Health Savings Accounts Need Guidance,
Protection

Updated Sept. 7, 2004 12:01 a.m. ET

The Sept. 1 Business World by Holman Jenkins and other editorials in the Journal make the valid point that Health Savings Accounts (HSAs) will empower individuals to make their own decisions about how to allocate health-care dollars. Glossed over is the fact that between government, insurance companies and individuals, the latter are probably the least able to make wise consumer choices, "greedy" or otherwise. Allocation of health-care spending should be accomplished by the patient and physician together but never will be until physicians incorporate basic economics into their advice to patients and until...